Pennsylvania Treasury

The Pennsylvania Office of the State Treasurer is the custodian for more than $150 billion of Commonwealth funds. The office is accountable for the receiving and depository of state funds and investment management, as well as supervision of all withdrawals and deposits made by state agencies.

Treasury is also the administrator of a variety of programs that offer opportunities for financial empowerment to families municipalities, families, and non-profit organizations across the state. You can find out more about Treasury’s various offerings and programs, with accessing the Treasury’s Transparency Portal which provides an deep look into the way Commonwealth expenditures are spent.

Pennsylvania treasurer makes loan to help fund road projects

The Pennsylvania treasurer of the state said on Tuesday that his agency created plans to stop closings to safety and construction of roads in the face of tax collections being delayed due to the economic effects of the pandemic. In an announcement the treasurer Joe Torsella said he was willing to grant financial assistance for the Motor License Fund to keep contractors employed and working through the fiscal year which ends June 30. PaydayChampion has all types of advances fund that is used to finance freeway construction projects throughout Pennsylvania and also the majority of the state police’s operations. Licensing Fund, as well as funding a percentage of a loan which lawmakers could decide to authorize against tax collections in the future that will be deposited in the fund, for example, gas taxes and motorist charges . In the last decade the Treasury has offered periodic short-term loans for the government of state to pay for its expenses until the time for the biggest tax collection periods. The proposed measures, Torsella said, would allow governor. Tom Wolf and the Republican-controlled legislature time to resolve funding issues. Then, in November PennDOT advised lawmakers they needed to stop the construction of hundreds beginning in December. The agency suggested that lawmakers must approve their plan to take a loan of $600 million from the road fund to ensure that construction workers remain. They were paid and working.

The Pennsylvania state treasurer announced that on Tuesday, his office had created plans to avoid road construction and closures for safety in the event of tax collections being delayed because of the economic impact of the pandemic.

In the statement in a statement, Treasury Secretary Joe Torsella said he was prepared to grant financial assistance of the Auto Licensing Fund to keep contractors working through the fiscal year that ends June 30. The fund provides funding for road construction in Pennsylvania in addition to significant portions of the state police’s operations.

Torsella stated that he would be able to loan money from the Treasury towards the Driver’s License Fund, as in addition to advance a portion of a loan lawmakers could decide to approve against tax revenue that go to the fund, like fuel taxes and motorist fees. Over the last 10 years the Treasury has regularly made small-term loan to state governments to pay for its expenses until the most tax-collecting months are over.

They, Torsella said, would allow Governor. Tom Wolf and the Republican-controlled legislature time to resolve funding issues. Then, in November PennDOT advised lawmakers they needed to stop the construction of hundreds beginning in December. They needed to approve the plan to borrow $600 million from funds for road construction in order to allow construction workers to remain. Paid and on the job.

Source link